PEAK OIL

BBC: Shell difficulties 'could spread'

Concern is growing among investors that Shell's double downgrade of its oil reserves could herald similar moves from some of its competitors.
The Anglo-Dutch giant has had to cut proven reserves by almost 4.1 billion barrels since the start of 2004.

But its partners in the Norwegian oil field on which its most recent cut focused are still quoting much higher reserves

The cost of a barrel of oil on US markets is at 13-year highs and closing in on $40.